Finances and Work Tax Aide Income tax deductions for seniors may keep more money in their pocket
Income tax deductions for seniors may keep more money in their pocket |
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| Wednesday, 01 April 2009 15:04 |
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With just two weeks left to file federal and state income taxes, some deductions may be beneficial for senior citizens, especially for those who face paying for assisted living care. The standard deduction, which went up $1,350 this year, may help seniors who do not have itemized deductions, such as for healthcare  or other expenses, that will maximize their return.For seniors who have excessive costs, some lesser-known credits could improve their itemized return. Medical expenses may be the largest deduction available to some seniors, as they can include the cost of prescription drugs, and hospitalization which can include food and bed fees, as well as medical devices. They may also be eligible for a credit for assisted living costs, up to $1,050 for a single filer or $2,100 for multiple filers. Other deductions may include ones on investments and investment advice, as well as real estate taxes. One lesser known tip: older Americans who are able to get out and about to help the community may also deduct unreimbursed mileage from travel to volunteer work. © Copyright |
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